First quarter financial performance is strong.  Recreation operations (everything but golf) ran a surplus of $282,623 which is favorable to budget by $257,870.  Revenue that was favorable to budget accounted for $192,521 of that gain with the remainder coming from under budget expenses.  We started the year with more homes closed than budgeted and we're running ahead of the budgeted rate for 2005 closings.  The first quarter golf deficit was ($21,054) which is unfavorable to budget by ($14,775).  The principal reason for the shortfall is revenue.

 

We reviewed the implementation of the Pool Policy passed in January.  Pool rules signs and measuring devices to check the height of children are on order.  The activity card swipe mechanism at Hidden Cypress is installed and awaiting completion of the software to make it operational.  Card swipe mechanisms for the Barataria and Riverbend Pools have not been installed.  Ken Hull directed that a Pool Monitor be hired immediately instead of waiting for the summer season.  The board agreed to the proposed requirements for implementation of the Pool Policy that was prepared by the resident board members.  They include a full-time pool monitor, training for fitness center employees, function activity card readers at all outdoor pools, posted pool policy and rules, children's height measuring devices at all pool entrances as well as the fitness center desks, sign-in procedures, training for security, and posting and designation of eating areas at the outdoor pools.

 

The proposed Guest Policy will be reviewed as part of the review of Community Rules by the full board at a special workshop on April 14.  We are currently targeting to vote on the Guest Policy in the July board meeting.  We did discuss revising the policy for control of hurricane shutters.  The details are being worked out but here's how it will work: The Executive Director will announce when it is OK to install hurricane shutters.  Using input from the NWS and Beaufort County Emergency Management resources, he will decide when to issue the OK and will allow adequate time to install the shutters and evacuate if desired.  All available community communications systems, including a special 800 number telephone line, will be used to make the announcement.  Similarly, the Executive Director will announce when the shutters must come down and residents will have ample time to comply.  Consideration will be given to the probability of subsequent storms coming to the area and every effort will be made to avoid multiple install/uninstall cycles.  The same communications systems will be used to announce when shutters must come down and the 800 number will be especially important since many residents will be out of town when this happens.  The Hurricane Shutter Policy will be discussed at the April 20 board meeting.

 

The board reviewed the Purchasing Policy proposed by the Finance Committee, including changes proposed by staff.  No action will be taken until the changes are reviewed with the Finance Committee.  We agreed to approve resolutions establishing a formal relationship between the Board of Directors and the Interclub Council and the Neighborhood Representatives Council via an Unanimous Written Consent.

 

Ken Hull reviewed plans for a comprehensive traffic study for the entire community.  Thomas and Hutton, Engineers will perform the study.  They'll look at traffic flow, speed limits, stop signs-literally the whole picture and not just one neighborhood.  This is expected to take four months and Pulte is paying for it. No further changes will be made to traffic regulations until the study is complete.

 

We reviewed progress against the board 2005 Goals and Objectives, focusing on what should have been accomplished in the first quarter and what needs to get done in the second quarter.  The results were OK, we didn't quite get everything done that was defined for first quarter completion but we're making progress.  The good news is that this is the first year when review of progress against goals and objectives has been part of our quarterly workshops.

 

Finally, the board reviewed a recommendation from the the Finance Committee that we reduce third and fourth quarter neighborhood assessments for the attached product villa neighborhoods because insurance premiums have turned out to be less than expected for those units when the budget was established.  This is scheduled for a vote at the April 20 board meeting.

 

That's it for this workshop.

 

Jerry